If you’re in search of ways to increase your rental income – without raising the lease – there are numerous imaginative choices. In fact, if you’re not pondering these strategies for earning extra income on your rental property every month, you may be losing income. Creativity and comprehending what renters want could help you boost your monthly cash flows and leave a little extra income at the end of each month. The following are a couple of ideas to get started.
Partner with an Insurance Company
If you require renter’s insurance—and Cibolo property managers should definitely require their tenants to get renter’s insurance—you might need to try partnering with a local insurance provider to provide your tenants with a policy. Not only will providing a policy help protect your tenants and their belongings, but it may also give them inner serenity and enhance their rental experience.
Offer Storage Space
A lot of renters want affordable storage options for a bike, additional furnishings, or occasional stuff. If you have an unused shed, garage, or other property, think about recommending it to your tenants for an additional monthly fee.
Provide Yard Care
If your rental property has a yard, you can propose to maintain it for an added fee. This could incorporate cutting the lawn, trimming hedges and trees, and planting flowers or occasional decorations. Not only will this add value to the property, but it may also save your tenants time and stress in doing it themselves.
Air Filters Direct Delivery
Another value-added option for your tenants is proposing to provide air filters and have them delivered directly to the rental property consistently. This adds convenience for your tenants and helps maintain the HVAC system and general property tidiness – potentially avoiding more extensive (and more costly) fix concerns.
Offer a Media Package
Numerous renters opt to avoid the hassle or cost of setting up cable or internet. Offer to bundle these options for your tenants at a discounted rate and gather a monthly fee for the service. This additional comfort will probably be worth it to numerous renters – and may even help tenant retention over the long haul.
There are several creative ways to increase your rental income without raising the rent! By utilizing one or more of these procedures, you can offer value-added services that will help boost your monthly cash flows. Remember that your choices might change depending on your location and the type of property you own – so be certain to do your research first. By being imaginative and considering your renters’ needs, you can start enhancing your revenues today!
Real Property Management LoneStar is ready to help you produce a passive income and achieve financial freedom through real estate investments in Cibolo and its vicinity. Our specialists can deliver reliable and approachable advice on property management and real estate investment issues. Contact us online or call us at 210-314-1039.
We are pledged to the letter and spirit of U.S. policy for the achievement of equal housing opportunity throughout the Nation. See Equal Housing Opportunity Statement for more information.
